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PetroVietnam – ECA financing
02 March 2011
Setting the template in Vietnam
Citi acted as sole mandated lead arranger and coordinator on this landmark 11-year $470 million (equivalent) ECA-supported financing for PetroVietnam Power Nhon Trach 2 (PVNT2). The financing attracted interest from a number of institutions, including Development Bank of Japan (DBJ), which underscored the Japanese interest in the project and marked the first time that DBJ has provided a loan to Vietnam.
What makes this deal so innovative is its use of an untied loan programme from Japan’s Nippon Export and Investment Insurance (Nexi) together with a Euler Hermes-supported buyer’s credit facility, to deliver a complete financing solution to PetroVietnam, while at the same time establishing new pricing benchmarks in one of the largest agency-supported financings in Vietnam.
This project...
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